I am about as deep as they get in #CRE and #Data. It is an everyday conversation I have with someone somewhere on this planet and have written article after article on just that one subject alone.
And so on and so on.
Over the years I’ve done a pretty decent job of helping explain why your data is such a valuable part of what you do.
I’ve also said many times that you should not only use quality data sets but that you should also GET PAID for it.
But as we all know our industry has decided there is still some form of value in giving it away and paying to get it back.
Every time there is some kind of media event about data providers there is always the usual outrage about pricing, practices and then the “why in the hell is there not a cheap alternative…blah blah blah.”
As we sit here today you still collect the data, give it away, and pay to get it back, with restrictions out the ass.
I have a simple way to give that same data away and get it back for free.
Let’s use a Top 15 U.S. #CRE market as an example. Just pick one of those in your mind. It just might be in your backyard.
What’s most important to you and the marketplace itself. Yes, it’s data and we can all agree on certain basic data sets.
Ownership Data, Tax data, Location data, Pricing data, Title data, etc.etc.
All the basic data that has been there for decades.
Here’s a question for you. What could you add on to or layer on top of that basic data?
Foot traffic, Permit data, Demographics, Mapping data, etc.etc.
And some if not all of you have some form of “aggregator” or CIE product that you are a collective part of and you pay to put all that data into the aggregator with the understanding that all your peers will do the same. Maybe understanding is not the right word how about a contractual obligation to adhere to a defined standard.
At this point, I have not told you anything you don’t already know.
But why again are you paying to have all that done? Oh, it’s because you don’t want to or have the time to. Yes, I get that. And again for a certain monthly price you are will to pay to have that done for you.
Here’s where I want to go with this. How timely is that data you are paying for? Be realistic. I’m sure you are told that whatever service you are paying for is updated every second something is put into “the system.” Are you sure?
A database and its ability to function is only as good as the data within it.
How does that database define the market?
With timely actionable data. You and I both know that simple premise.
As we sit here today the differentiator of how that is defined is by a simple phone call to the source of the data to do what? Verify what is already known by who? The original owner of that data.
But again that information is then aggregated and “provided to” the marketplace.
Again supposedly you are looking at (accessing) the most updated and accurate data available to you and the entire marketplace you work in.
I have a few questions for you.
- The best source of market data is? You?
- The most accurate data comes from? You?
- The most timely and actionable data comes from? You?
- Why are you paying for that? Is it the format and UX that you are paying to access?
- Is it again the data defining the marketplace coming for your peers worth that cost?
- What data are you missing? How do you even know?
What don’t you just all get together and share it with each other?
Ah, you say that’s been tried and there is always some kind of possible collusion/legal/what the hell thing that wants to get in the way to stop it. And that usually comes from where. The data aggregator. It’s how they make money. It’s been ordained since the dawn of time. Only THEY can make money, No one else can… EVER.
How can this work?
I’m dead serious when I say this.
Send it to me. I will put it in a simple easy to use format and send it to you every week for free.
Almost like a newsletter.
Do you think I’m nuts?
You may think this sounds crazy.
It’s just that simple.
Aggregated data sent to you every week is about as fast as the data you are using now, hell some are working off of data that is a month old or even older than that.
The time effort and overhead to do this is minimal.
The tech to handle this is almost ridiculously simple and cheap.
And I will do it FOR FREE!
Because I can.
How about this? If not me someone else is going to do it for you sooner than you think.
How can I or possibly someone else monetize this? Oh, let me count the ways.
Part of that might be to pay you to get it.
And you are like “ok, sounds good, let’s do it.”
How would this work?
Simple. A standard agreed to set of data. Updated weekly. Sent right to your inbox for free.
It’s that easy.
As I mentioned before you could do it in your own market with let’s say the top 20 brokerages.
It’s just a free newsletter being shared among friends. It’s data that’s readily available in the marketplace already.
Does it have to be any harder than that? Don’t overthink think this.
I could easily do it on my own. In my opinion, someone else will very soon do it anyway and again you could also do it yourself.
All of those scenarios = ZERO money paid out by you.
Unless of course, you want to complicate it and overthink it and contractually obligate your ass forever and get sued to do it.
But again you say…
“It’s been tried.”
“It’s just not possible.”
“It’s too complicated.”
“It’s illegal because…”
You Pay For All That Data.
I Can Give It To You For Free!
But in all reality what you are saying to yourself and the entire world is…
You just don’t want a free, transparent marketplace driven by updated timely actionable data.
+1 How long before the marketplace itself decides they are going to do it anyway? WITHOUT YOU!